Myanmar Will Allow Foreign Banks To Operate In September

Posted by: : Paul EbelingPosted on: June 29, 2014 Myanmar Will Allow Foreign Banks To Operate In September

Myanmar Will Allow Foreign Banks To Operate In September

The central bank of Myanmar will allow foreign banks to conduct business in the country in September, local media reported Saturday.

At least 5 to 10 out of over 40 foreign banks having representative offices in the country will be chosen in line with rules and regulations for the sake of domestic banks and local entrepreneurs, the Union Daily quoted U Set Aung, vice-governor of Myanmar’s central bank, as saying.

The permitted foreign banks must bring at least US$75-M in capital, of which US$40-M will be kept under the supervision of the central bank.

Rules and regulations to govern such operation have been prepared with the help of the International Monetary Fund (IMF).

Local banks are worried about the arrival of foreign rivals which are strong in terms of capital, technology and human resources, the report said.

A board for selecting foreign banks has been set up consisting of officials and experts from the Finance Ministry, the central bank, the Attorney-General’s Office, a German advisory team, the IMF and the World Bank (WB).

There are more than 20 private banks and 3 state-owned banks operating in Myanmar.

Stay tuned…

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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